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194Q section.
hi, if the company turnover is less than 10 crore but the purchase from one party exceeds 50 lakh, is this case 194Q applicable or not.
Replies (7)
If the turnover of the buyer in the immediately preceding year is up to Rs.10cr, then 194Q is not applicable, even if the purchase from a vendor >50lacs.
No TDS is not applicable
Above 10cr mandatory and financial year purchase value 50lakhs TDs applicable
Both conditions satisfy.
Turnover -during the year (excluding GST ) 50 Lakhs & turnover during the last F.Y (excluding GST) -10 Crore
Then only Sec.194Q-Exist.
Turnover -during the year (excluding GST ) 50 Lakhs & turnover during the last F.Y (excluding GST) -10 Crore
Then only Sec.194Q-Exist.
Turnover 50laks means purchase from that party right.
50 lacs is the threshold limit for purchase/payment by the buyer to the seller (it's not the turnover limit).
50 Lakhs -Purchase
10 Crores -Sales
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